Rmi exam 2 - Study guides, Class notes & Summaries
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RMI EXAM 2(2024 Latest Update)Correct 100%
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chapter 5 - ANSWER chapter 5 
 
principle of indemnity - ANSWER The insurer agrees to pay no more than the actual amount of the loss 
 
purpose of principle of indemnity - ANSWER -to prevent the insured from profiting from a loss 
-to reduce moral hazard 
 
in property insurance, indemnification is based on the _____ - ANSWER actual cash value 
 
methods of determining actual cash value - ANSWER -replacement cost less depreciation 
-fair market value 
-broad evidence rule 
 
actual cash value - ...
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RMI EXAM 2(2024 Latest Update)Correct 100%
- Exam (elaborations) • 14 pages • 2024
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chapter 5 - ANSWER chapter 5 
 
principle of indemnity - ANSWER The insurer agrees to pay no more than the actual amount of the loss 
 
purpose of principle of indemnity - ANSWER -to prevent the insured from profiting from a loss 
-to reduce moral hazard 
 
in property insurance, indemnification is based on the _____ - ANSWER actual cash value 
 
methods of determining actual cash value - ANSWER -replacement cost less depreciation 
-fair market value 
-broad evidence rule 
 
actual cash value - ...
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RMI 300: Exam 2 Latest 2024 Graded A+
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RMI 300: Exam 2 Latest 2024 Graded A+ 
 
random variable variables whose outcomes are uncertain and can have different values 
 
how to develop probability distributions 1) identify all possible outcomes 
 
2) calculate probabilities for all possible outcomes 
 
collectively exhaustive account for all possibilities 
 
mutually exclusive define so that the occurrence of one outcome precludes the occurrence of 
any other 
 
discrete distribution when variables are integers, that is, distinct value...
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RMI exam 2 Correct Questions & Answers(RATED A+)
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What are the 2 basic forms of an insuring agreement - ANSWER 1. named perils coverage: only perils specifically named in the policy are covered 
2. open-perils: all losses are covered except losses specifically excluded 
 
Describe the 3 major types of exclusions - ANSWER 1. excluded perils (flood, intentional act) 
2. excluded losses (a professional liability) 
3. excluded property (pets) 
 
Describe the miscellaneous provision - ANSWER cancellation, subrogation, grace period, misstatement of a...
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RMI exam 2 Correct Questions and Answers(GRADED A+)
- Exam (elaborations) • 9 pages • 2024
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What are the 2 basic forms of an insuring agreement - ANSWER 1. named perils coverage: only perils specifically named in the policy are covered 
2. open-perils: all losses are covered except losses specifically excluded 
 
Describe the 3 major types of exclusions - ANSWER 1. excluded perils (flood, intentional act) 
2. excluded losses (a professional liability) 
3. excluded property (pets) 
 
Describe the miscellaneous provision - ANSWER cancellation, subrogation, grace period, misstatement of a...
And that's how you make extra money
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Exam 2 RMI 2302 - FSU Dr. Nyce Questions With Complete Solutions
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Exam 2 RMI 2302 - FSU Dr. Nyce Questions With Complete Solutions
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RMI 3567 Exam 2 Questions and Answers Already Passed
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RMI 3567 Exam 2 Questions and 
Answers Already Passed 
 
What are three positive externalities that occurred due to access to terrorism insurance? 1. 
facilitates real estate transaction 
2. strengthens businesses' ability to operate in risky areas 
3. protects wealth/savings of households in risky areas 
 
Pollution from gasoline in a car or industrial pollution would be examples of what? negative 
externality 
 
This is the most common terrorism model for insurance risk pool 
 
What are the t...
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Exam 2 RMI 2302 - FSU Dr. Nyce (Questions & Answers)
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Exam 2 RMI 2302 - FSU Dr. Nyce (Questions & Answers)
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RMI 4420 EXAM 2 |2024-2025 ACTUAL COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+.
- Exam (elaborations) • 23 pages • 2024
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RMI 4420 EXAM 2 | ACTUAL COMPLETE QUESTIONS AND 
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS ) ALREADY 
GRADED A+. 
 
RMI 4420 EXAM 2 | ACTUAL COMPLETE QUESTIONS AND 
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS ) ALREADY 
GRADED A+. 
 
RMI 4420 EXAM 2 | ACTUAL COMPLETE QUESTIONS AND 
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS ) ALREADY 
GRADED A+. 
 
RMI 4420 EXAM 2 | ACTUAL COMPLETE QUESTIONS AND 
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS ) ALREADY 
GRADED A+. 
 
RMI 4420 EXAM 2 | ACTUAL...
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RMI 2302 Exam 2 Latest 2024 with Verified Solutions
- Exam (elaborations) • 19 pages • 2024
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RMI 2302 Exam 2 Latest 2024 with 
 
Verified Solutions 
 
free market fails to protect consumer interests requiring the government to find appropriate 
ways to protect us from ourselves; rewards those people who understand consumer behavior and 
can exploit consumer's weaknesses 
 
In a world dominated by rational behavior... the government could focus on externalities and 
focus less on consumers 
 
Jeremy Bentham (19th century) Urged politicians to design policies that maximized peoples 
happ...
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